According to The Kobeissi Letter, gold funds have attracted a record $85 billion in net inflows so far in 2025, more than double the previous full-year record set in 2020 (source: The Kobeissi Letter, May 19, 2025). With inflows on track to exceed $180 billion by year-end, this surge signals a major risk-off sentiment among investors and could divert capital away from cryptocurrencies and other risk assets. The growing preference for gold as a safe haven may limit near-term upside for Bitcoin and altcoins as institutional flows prioritize stability over high volatility exposure.